President Nana Addo Dankwa Akufo-Addo at the 2024 International Development Association (IDA) Summit held in Nairobi, led the call for the doubling of funding for the International Development Association (IDA).
Amidst a backdrop of global challenges, President Akufo-Addo’s call for increased support to the IDA has ignited discussions on the imperative of bolstering international development efforts.
The Ghanaian President’s plea underscore the urgent need for enhanced financial resources to confront the daunting infrastructure deficit plaguing African nations.
Quoting figures from the African Development Bank (AfDB), the he highlighted Africa’s infrastructure needs, estimated at a staggering $130 billion to $170 billion annually, with a yawning financing gap of $68 billion to $108 billion.
Such disparities, according to President Akufo-Addo hinders economic growth, stifles progress, and perpetuates cycles of poverty and inequality.
Central to the Ghanaian President’s argument was the pivotal role of the IDA in providing concessional financing to bridge the resource gap and facilitate sustainable development.
Against the backdrop of mounting debt distress and the far-reaching impacts of climate change and the COVID-19 pandemic, President Akufo-Addo stressed that doubling IDA funding was not merely an option but an imperative for African nations striving to navigate these intersecting crises.
Drawing from Ghana’s own experiences, particularly its engagement in debt restructuring under the G20 Common Framework, President Akufo-Addo elucidated the challenges facing countries grappling with debt burdens.
He emphasised that doubling IDA resources would not only alleviate debt pressures but also enable nations to address pressing development needs, from infrastructure investment to climate resilience and social protection.
President Akufo-Addo’s advocacy for doubling IDA funding resonated with summit participants, who echoed his sentiments on the need for bold and transformative action.
Acknowledging that development efforts require sustained, long-term investment, the Ghanaian President called on the international community to seize the opportunity presented by the IDA replenishment to mobilise resources, forge partnerships, and chart a course toward inclusive and sustainable development.
As the summit concluded, President Akufo-Addo’s call to double IDA funding reverberated as a rallying cry for solidarity and shared responsibility in addressing the most pressing challenges of our time.
With the stakes high and the urgent need, the President’s visionary leadership set the stage for a renewed commitment to building a brighter future for all.
Rex Mainoo Yeboah, ISD
